Australia's Austal slides to near 4-month low after outlook cut
15/06/2021 03:53
(Updates prices)
** Shares of shipbuilder Austal Ltd ASB.AX slide 8.4% to
A$2.135, their lowest level since Feb 23
** ASB lowers its FY21 EBIT forecast to between A$112 mln
and A$118 mln ($86.35 mln - $90.87 mln), from A$125 mln
** Also sees revenue at A$1.55 bln, down from A$1.65 bln
** Says outlook cut is due to disruptions caused by COVID-19
restrictions at its operations in Australia and the Philippines,
as well as a provision for a civil lawsuit started by a
regulator urn:newsml:reuters.com:*:nL3N2NS14N
** ASB suffers its sharpest fall since Feb 23 when it
conducted its management shake-up of its U.S. business amid
investigations over a shipbuilding program urn:newsml:reuters.com:*:nFWN2KS1BV
** Trading volumes were four-times their 30-day average
** Stock down 12.7% this year, as of last close
($1 = 1.2985 Australian dollars)
(Reporting by Vasudha Kaukuntla and Nikhil Kurian Nainan in
Bengaluru)
((Vasudha.Kaukuntla@thomsonreuters.com))